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Amoco's Bid for Dome Could Be in Jeopardy

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Last week, three Canadian banks that are among Dome's largest creditors rejected Amoco's terms, lining up with smaller creditors who have vowed to upset the deal. In addition, there have been recurrent reports that one or more new bids for Dome are in preparation, including one that would involve a majority Canadian interest.

The three banks that have rebuffed Amoco - the Royal Bank of Canada, the Toronto-Dominion Bank and the Bank of Montreal - together are owed $1.8 billion (Canadian) of Dome's total debt of $6.3 billion. They have demanded that Amoco restructure proposals that would give secured creditors an average of 88.5 cents on the dollar and unsecured creditors about 35 cents on the dollar. Deal Considered to Be Final

Amoco and Dome have said that the terms they have reached - $5.1 billion Canadian, or $3.85 billion United States, in cash, long-term notes and securities - are final. In reality, both appear to be setting the stage for complex negotiations that must be concluded before June 30, when current arrangements for Dome's debt repayments expire. In the meantime, the delay has created a opening for rival bidders.

According to Canadian financial publications, including The Financial Post, talks are under way on a possible bid by a consortium that would include TransCanada PipeLines Ltd., which made a bid that was rebuffed by Dome at an earlier stage of the contest. Also in the consortium, according to the reports, would be the state-owned oil concern, Petro-Canada; Husky Oil Ltd., and the Exxon Corporation's Canadian unit, Imperial Oil Ltd.

Although Imperial and Husky both have strong foreign ownership -Husky's principal shareholder is Li Ka-shing, the Hong Kong magnate -the proposed new bid would apparently be structured to have a majority Canadian control. It would also attempt to attract Dome's creditors and shareholders by offering a much larger proportion of cash than Amoco, which included only $300 million (Canadian) cash in its offer and tied another large portion of its bid to future oil prices. Pressure for a Solution

The new maneuvering comes amid continuing pressure for a solution that would avoid a foreign takeover. Both opposition parties in Parliament have registered strong objections to the Amoco deal, and their voices were joined recently by the former Prime Minister, Pierre Elliott Trudeau. Mr. Trudeau, speaking in Toronto the week before last, said that the Government should not ''go overboard in permitting unfettered foreign investment'' in key industries.

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The 31 months since Prime Minister Brian Mulroney's Conservative Party took office have seen an increasing number of foreign buyouts. Amoco's bid for Dome, if approved, would be the biggest takeover ever in Canada. It was followed earlier this month by the $2.7 billion (Canadian) bid by the JMB Realty Corporation of Chicago for the Cadillac-Fairview Corporation, the property concern based in Toronto.

Lately, the issue has assumed added intensity as a result of United States demands that Canada scrap all investment controls in the ''free trade'' agreement that has been under negotiation for the last year. Easing Restraints

Simon Reisman, the chief Canadian negotiator, indicated that there is unlikely to be any progress unless the Mulroney Administration decide to go beyond the relatively accommodating position they struck in 1984. Such a position would involve easing or eliminating the restraints currently exercised by Investment Canada, the official review agency, and by other Government bodies.

Amoco's problem, apart from creditor resistance, is that its bid has become the focus of the debate. In Parliament, no week goes by without an angry exchange on the Dome affair. Last week, the attack was led by John Turner, Mr. Trudeau's successor as leader of the Liberal Party, who accused the Government of preparing to dump all controls. Mr. Mulroney shot back: ''Canada is open for business. But it is not for sale.''

Some analysts think that the Government might try to relieve the pressures by working behind the scenes to favor a Canadian buyer for Dome. The official Government position has been that Amoco can buy Dome if it meets conditions put by Investment Canada, which are likely to include guarantees of employment levels in Canada and a public stock offering by Amoco Canada Petroleum Company, Amoco's Canadian unit, which would acquire the Dome assets.

However, there have been signs that the Government would be pleased if it were not left to make the final decision. The Energy Minister, Marcel Masse, said through a spokesman last week that Dome remained open to bids from other potential buyers as long as it did not solicit them. This was interpreted as a signal to other interested companies that they should not be inhibited by warnings of legal action against them that have been made by Amoco.

A version of this article appears in print on May 25, 1987, on Page 1001033 of the National edition with the headline: Amoco's Bid for Dome Could Be in Jeopardy. Order Reprints|Today's Paper|Subscribe